Wells Fargo Advisors Partners With SigFig for Robo-Advice Offering

Wells
Fargo Advisors (WFA) and SigFig, an independent, San-Francisco-based wealth
management technology company, announced they will collaborate to develop a
digital advisory offering for WFA to begin piloting in 2017.

The
affiliation will give Wells Fargo a platform to help investors build, implement
and rebalance tailored portfolios online based on responses to investing
questionnaires. WFA and SigFig plan to optimize a direct-to-client product for
WFA to offer to emerging investors who want trusted investment advice and a
holistic financial experience in the digital space.

“Wells
Fargo is committed to providing investors with quality advice that aligns with
their goals and is relevant to all stages of their lives,” says David Carroll,
head of Wealth and Investment Management at Wells Fargo. “As we continue to
invest in technology that serves the evolving needs of our clients and our
advisers, this offering will mark an important step forward in delivering
financial advice to the next generation of investors, while building a
long-term pipeline for our full-service business.”

“Investors
are increasingly demanding improved digital experiences, making it vital that
financial institutions invest more resources and incorporate more technology in
their offerings,” says Mike Sha, CEO of SigFig. “The breadth of our
platform and the wide range of digital tools we provide help us quickly deliver
cutting-edge investing technology to our clients and their customers through
collaborative partnerships.”

According to the
second quarter 2016 Wells Fargo/Gallup Investor Optimism survey, 69% of investors younger than age 50 rely on the internet or mobile
applications to interact with their primary investment firm. While digital
advice services are relatively new to consumers, investors in the survey ranked
them high for simplifying the investment process, matching investments to risk
tolerance and providing reliability during market turbulence.